JLL’s Capital Markets announced that the firm raised joint venture equity from a fund managed by The Davis Companies for a 12-story, mixed-use luxury residential condominium project being developed by a partnership between Lonicera Partners and Orange Management.
JLL also secured $42.1 million in construction financing for the Brooklyn Heights project, which is located at 70 Schermerhorn Street, Brooklyn, New York.
Bank of the Ozarks provided the loan with a term of three years.
Managing Directors Jonathan Schwartz and Keith Kurland, and Executive Vice President Mark Fisher led the JLL team on the financing and equity placement.
The 86,000 s/f, 12-story plus penthouse project will be comprised of 59 luxury residential units and approximately 3,000 rentable square feet of retail space.
“High-quality sponsors continue to find lenders who will give them favorable terms for projects like 70 Schermerhorn Street,” said Schwartz.
“As the city center continues to expand, developers and residents are taking advantage of relative discounts in areas like Brooklyn Heights, driving demand for luxury condos.”
Added Kurland, “Lenders are in lockstep with investors when it comes to demand for luxury product in New York. Underwriting remains disciplined, but high-end developments will continue to pique lender interest.”
The building is currently a 32,000 s/f health center on the border of Brooklyn Heights and Downtown Brooklyn.
The property sits adjacent to an area that is subject to strict landmark protection, making it a rare new development in the area.